During the week following Hurricane Katrina in September 2005, the nationwide price of gasoline rose from $2.61
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During the week following Hurricane Katrina in September 2005, the nationwide price of gasoline rose from $2.61 to $3.07 per gallon. The total quantity of gasoline consumed in the United States declined from 9.42 million gallons to 9.04 million gallons.
Calculate the price elasticity of demand for gasoline using the average method formula.
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